A review of the 2024 budget and the performance of the 2023 budget has brought some interesting insights into what to expect for the real estate market performance in 2024.  I do acknowledge that several of you have already received budget summaries and insights and as such we will not delve into those numbers that you are already aware of.

There is great emphasis on the direction that Government is taking regarding focus areas in the economy for 2024, in line with the Eighth National Development Plan (2022 – 2026), which are:

  1. Economic Transformation and Job Creation
  2. Human and Social Development
  3. Environmental Sustainability
  4. Good Governance Environment

Of each of these thematic areas, there are reaching implications for the real estate sector in Zambia.

In the 2024 budget the agricultural, mining, education and tourism sectors are set to benefit from not only budgetary allocations, but policies being put in place to increase investment in these sectors. Highlights include the following:

Agriculture ZMW13.8 bn Various interventions in the agricultural, livestock and fisheries sector  

Warehousing and storage Facilities in outlying areas


Agriculture ZMW186.0 mn  

Allocation for the establishment of a financing and credit window for small scale farmers, public service workers and emergent farmers

Purchase of agricultural small holdings
Transport and Logisitics ZMW700 mn Rehabilitation and upgrade of Mansa, Mbala, Mongu and Solwezi Airport  

Warehousing, residential accommodation; and office space for ancillary services to the sector

Transport and Logistics, Energy ZMW598.4 mn  

300km of roads, 10 bridges, 200 km of power lines for the Electrification of Farming Blocks – Luena, Lusiwishi and Shikabeta

Warehousing, residential accommodation; increase demand for agricultural land;
Tourism US$100m under the Green Resilient and Transformational Sector


ZMW765 mn


Infrastructure at Kasaba Bay, Air and Road connectivity to South -West Tourism circuit

Tourism infrastructure, marketing, wildlife management,


Tourism accommodation – lodges, bush camps, Residential accommodation for staffing

Warehousing and retail facilities to service new developments

Education and Skills Development ZMW27.4 bn  

Completion of 69 schools

Additional 202 schools

Recruitment of 4,500 teachers

Residential housing


Retail and convenience centers

Health ZMW20.bn  

Construction of 30 maternity annexes

135 mini hospitals


Residential housing

Retail and convenience centers


The opportunities for residential housing developments lie outside the traditional investment areas of Lusaka and the Copperbelt as government rolls out infrastructure in the rural areas which will soon become emergent areas.  The growth of these areas will depend upon the pace of development during the year.  The secondary effect of increased activity in the construction sectors is normally the investment into real estate and predominantly residential real estate as a means for future securitization of financing required as construction companies grow their portfolios for an improved balance sheet.